Can a parent force a child to sell a life estate?

Can a parent force a child to sell a life estate?

However, when the parents have retained a life estate, the creditors of a child cannot force the sale of the property to satisfy a child’s debt. That is because a child’s creditors are not in any better position than the child. Since the child could not sell the property and force the parents out of the property, neither could a child’s creditor.

How does the remainder of a life estate work?

Remainderman Deed The person who owns a life estate still has a stake in the estate, the ‘remainder’ of the property interest transfers to the life tenant of the estate on the life estate deed. For example;

Who is the owner of the life estate?

His wife’s ownership interest in the property vested at the time of his death. Unexpectedly, two months after John Jr.’s death, his wife committed suicide. She was survived by a daughter from a previous marriage. Upon the wife’s death, her daughter’s ownership interest in the 1/3 interest in the property vested.

Can a person remove themselves from a life estate?

The owner of the life estate can remove or change the remaindermen if he or she (grantor or life tenant) wants. For a better view and options, one should consult with an attorney.

What happens when you have a life estate?

A Will just tells the court how to distribute the property in your estate. If you have a life estate, you have already added your child or children’s names to the title of the property. This states who the owner of the asset will be when you die.

Can a life estate be a problem for the remaindermen?

DEAR TODD: When a life estate is left to a person with a long life expectancy, that can be a major problem for the remaindermen (that’s you) if the life tenant fails to maintain the property and pay the property taxes. Purchase Bob Bruss reports online.

Can a state claim property from a life estate?

Talk to a lawyer who knows this area of the law well. The penalty can be quite severe. The State could have a claim against the property after your death if you received MA; Long Term Care; General Assistance Medical Care or Alternative Care. This law applies to life estates created after July 2003.

Who are the children of a life estate?

Mom has two adult children, Adam and Beth. Mom visits an attorney, who assists her in executing a life estate deed. The legal effect is such that Mom keeps a life estate interest in the home (the right to use and occupy the home during her lifetime).